Seafood Market Growing Demand and Analysis 2021- Grupo Pescanova; Marine Harvest ASA; Thai Union Frozen Products; Royal Greenland

Seafood Market 2021 report helps the clients to take business decisions and to understand strategies of major players in the industry. The report also calls for market- driven results deriving feasibility studies for client needs. Market Insights Reports ensures qualified and verifiable aspects of market data operating in the real- time scenario. The analytical studies are conducted ensuring client needs with a thorough understanding of market capacities in the real- time scenario.

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The global seafood market is expected to grow from $240.63 billion in 2020 to $252.61 billion in 2021 at a compound annual growth rate (CAGR) of 5%.

Top leading Companies Profiled in Seafood Market Report are Grupo Pescanova; Marine Harvest ASA; Thai Union Frozen Products; Royal Greenland; John Westfoods

Markets Segmentation:

1) By Type: Crustaceans; Fish; Other Seafood

2) By Distribution Channel: Supermarkets/Hypermarkets; Convenience Stores; E-Commerce; Others

3) By Product Type: Frozen; Dried; Smoked; Canned; Others

4) By Nature: Organic; Conventional

5) By Source: Marine; Inland

Regional Analysis:

Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, Malaysia, and Others), North America (United States, Canada, and Mexico), Central & South America (Brazil, and Rest of South America), Europe (Germany, France, UK, Italy, Russia, and Rest of Europe), Middle East & Africa (GCC Countries, Turkey, Egypt, South Africa and Other)

Market Overview

The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $335.82 billion in 2025 at a CAGR of 7%.

The seafood market consists of sales of seafood by entities (organizations, sole traders and partnerships) that produce canned seafood, smoke, salt and dry seafood, eviscerate fresh fish, shuck and pack fresh shellfish, process marine fats and oils and/or freeze seafood. Establishments known as floating factory ships that gather and process seafood into canned seafood products are also included in this industry. The companies in the industry package and distribute their products through various distribution channels to both individual customers and commercial establishments. The seafood market is segmented into crustaceans; fish and other seafood.

Regional Analysis

Asia Pacific was the largest region in the global seafood market, accounting for 39% of the market in 2020. Western Europe was the second largest region accounting for 38% of the global seafood market. Africa was the smallest region in the global seafood market.

Fish processing establishments are using high pressure processing (HPP) technology to improve operational efficiency. HPP is a non-thermal technology in which the fish is submerged in a liquid placed in a pressure vessel and uses pressures of about 6000 times the average air pressure at sea level to pasteurize fish meat. High pressure processing replaces the need for heating fish produce and chemicals are used for fish preservation. It increases yield by 20-50% and saves processing time and costs. HPP effectively kills microbes and extends the shelf life of the processed fish by 2 to 4 times, without adversely affecting its freshness, flavor, color, texture and nutritional value. HPP technologies developed by Avure Technologies and Food Science Australia are being widely used in fish processing. The Seafood Company, a Singapore-based company, is using HPP technology for seafood processing.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the seafood manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the Peoples Republic of China and spread globally including Western Europe, North America and Asia. Food and beverage manufacturers depend on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. Also, restrictions on trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the seafood manufacturing market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.

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Key Takeaways from Seafood Report

─Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals

─Understand the different dynamics influencing the Seafood market – key driving factors, challenges and hidden opportunities.

─Get in-depth insights on your competitor performance – Seafood market shares, strategies, financial benchmarking, product benchmarking, SWOT and more

─Analyze the sales and distribution channels across key geographies to improve top-line revenues.

─Understand the industry supply chain with a deep dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.

─Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years.

─Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the Seafood

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In conclusion, the Seafood market report presents the descriptive analysis of the parent market supported elite players, present, past and artistic movement information which is able to function as a profitable guide for all the Seafood Industry business competitors. Our expert research analyst’s team has been trained to provide in-depth market research reports from every individual sector which will be helpful to understand the industry data in the most precise way.

Available Customization– The report could be customized according to the client’s specific research requirements. No additional cost will be required to pay for limited additional research.

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